BNP Paribas and Curv complete proof of concept for secure transfer of digital assets
06 October 2020 Paris
Image: envfx - stock.adobe.com
BNP Paribas Securities Services has partnered with cloud-based digital asset security infrastructure Curv to transfer security tokens securely between market participants.
The security token was transferred using Curv’s multi-party computation solution to ensure the security of the private keys.
The proof of concept, which was successfully completed, helped to demonstrate that tokenised securities can be transferred quickly, safely and transparently on the blockchain.
BNP Paribas and Curv used the ERC1400 token standard to carry out the transaction.
Itay Malinger, co-founder and CEO of Curv, explained that BNP Paribas has the opportunity to play a “vital role” in the digital economy.
However, Malinger said in order to do this, BNP Paribas require “a secure and scalable infrastructure to deliver competitive custody products to their customer base”.
He added: “Curv's infrastructure is able to meet these needs and support the acceleration of innovative programmes like the one BNP Paribas is spearheading with its technology and cryptographic expertise. We are excited to have been selected to partner with BNP Paribas on this pivotal engagement.”
Bruno Campenon, global head of financial intermediaries and corporates client line at BNP Paribas Securities Services, said: “This proof of concept with Curv represents a significant step forward in our strategy to deliver an integrated custody solution that combines both traditional and regulated digital assets. We are now well-positioned to deliver an exciting new service to our clients once regulations on digital assets are in place.”
The security token was transferred using Curv’s multi-party computation solution to ensure the security of the private keys.
The proof of concept, which was successfully completed, helped to demonstrate that tokenised securities can be transferred quickly, safely and transparently on the blockchain.
BNP Paribas and Curv used the ERC1400 token standard to carry out the transaction.
Itay Malinger, co-founder and CEO of Curv, explained that BNP Paribas has the opportunity to play a “vital role” in the digital economy.
However, Malinger said in order to do this, BNP Paribas require “a secure and scalable infrastructure to deliver competitive custody products to their customer base”.
He added: “Curv's infrastructure is able to meet these needs and support the acceleration of innovative programmes like the one BNP Paribas is spearheading with its technology and cryptographic expertise. We are excited to have been selected to partner with BNP Paribas on this pivotal engagement.”
Bruno Campenon, global head of financial intermediaries and corporates client line at BNP Paribas Securities Services, said: “This proof of concept with Curv represents a significant step forward in our strategy to deliver an integrated custody solution that combines both traditional and regulated digital assets. We are now well-positioned to deliver an exciting new service to our clients once regulations on digital assets are in place.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
